Deutsche Bank upgraded shares of Mack Cali Realty (NYSE:CLI) from a hold rating to a buy rating in a research note published on Monday, January 6th, Briefing.com Automated Import reports.
Several other research firms have also recently weighed in on CLI. BTIG Research reaffirmed a buy rating and set a $30.00 target price on shares of Mack Cali Realty in a research note on Friday, December 20th. Citigroup reiterated a hold rating and set a $24.00 price objective on shares of Mack Cali Realty in a report on Friday, December 20th. JPMorgan Chase & Co. cut Mack Cali Realty from a neutral rating to an underweight rating and reduced their price target for the company from $25.00 to $20.00 in a research report on Wednesday, December 18th. Zacks Investment Research upgraded Mack Cali Realty from a sell rating to a hold rating and set a $23.00 price objective for the company in a report on Monday, October 14th. Finally, Evercore ISI upgraded Mack Cali Realty from an in-line rating to an outperform rating and set a $27.00 price target for the company in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Mack Cali Realty presently has an average rating of Hold and a consensus target price of $24.57.
Mack Cali Realty stock traded up $0.20 during midday trading on Monday, hitting $23.64. The company’s stock had a trading volume of 1,367 shares, compared to its average volume of 621,462. The stock’s 50-day moving average price is $22.09 and its 200-day moving average price is $22.05. The company has a market capitalization of $2.09 billion, a PE ratio of 12.90 and a beta of 1.06. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.76. Mack Cali Realty has a 12 month low of $19.77 and a 12 month high of $24.88.
Mack Cali Realty (NYSE:CLI) last announced its quarterly earnings data on Wednesday, October 30th. The real estate investment trust reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($1.04). The company had revenue of $131.88 million for the quarter, compared to analyst estimates of $120.85 million. Mack Cali Realty had a net margin of 39.15% and a return on equity of 11.35%. Mack Cali Realty’s revenue was down .2% on a year-over-year basis. During the same quarter last year, the company posted $0.43 EPS. As a group, equities analysts anticipate that Mack Cali Realty will post 1.6 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, January 3rd were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, January 2nd. Mack Cali Realty’s payout ratio is presently 43.72%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. lifted its holdings in Mack Cali Realty by 87.7% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 86,797 shares of the real estate investment trust’s stock worth $2,021,000 after buying an additional 40,546 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Mack Cali Realty by 7.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 16,000 shares of the real estate investment trust’s stock valued at $347,000 after purchasing an additional 1,100 shares during the period. Stifel Financial Corp acquired a new stake in Mack Cali Realty in the 3rd quarter valued at about $237,000. Rhumbline Advisers lifted its stake in Mack Cali Realty by 2.4% in the 3rd quarter. Rhumbline Advisers now owns 309,774 shares of the real estate investment trust’s stock valued at $6,710,000 after purchasing an additional 7,223 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in Mack Cali Realty by 51.6% during the third quarter. First Trust Advisors LP now owns 132,231 shares of the real estate investment trust’s stock worth $2,864,000 after purchasing an additional 44,993 shares during the period. Hedge funds and other institutional investors own 92.11% of the company’s stock.
About Mack Cali Realty
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
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